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Oil and Gold See Late Boost From Risk-On

COMMODITIES
  • Crude oil saw some volatility after what had been a quiet day, sliding sharply and then bouncing through settlement, helped by a further rise in equities.
  • The latest GS forecast puts Brent crude averaging $140/bbl in 3Q22 before $125/bbl in 2023 adding to a wide range of analyst forecasts. They suggest further demand destruction is required next year for global inventories to normalise by late 2023.
  • Products demand meanwhile remains extremely high, with US gasoline touching new record highs.
  • WTI is +1.4% at $120.16, hovering just under resistance at $120.99 (Jun 6 high) after which it could open round number resistance at $122. The most active strikes in the Jul’22 contract have clearly been $125/bbl calls.
  • Brent is +1.4% at $121.23, again just below resistance at $121.95 (Jun 6 high), clearance of which could open +123.49 (1.5 proj of the May 11-17-19 price swing).
  • Gold meanwhile firms +0.7% to $1854.49 as the UST yields and the US dollar pull back. Recent gains have been considered corrective with the primary trend direction is down but a run at resistance at $1874.1 could test this.
  • US natural gas meanwhile sits +0.5% at $9.37/mmbtu off earlier record highs of $9.54 as hot temperatures boost domestic power generation demand with Texas expected to see all-time electricity demand highs this week.
Energy BulletsCommodities
Energy BulletsCommodities

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